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This tutorial explains the importance of a lease agreement for landlords. Without one, landlords risk losing significant money, face potential liability for property damage, and struggle with rent collection. A residential lease agreement is a legally binding contract that outlines the rights and obligations of both tenants and landlords, helping to avoid disputes and address issues effectively. It serves as the first line of defense in protecting property. Key elements to include in a lease agreement are the property details, names, and contact information. Understanding these basics can help landlords manage their properties more efficiently.